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No but it is possible to run JUST the Hyper-v server (the command line only server) and use the RSAT tools on your Windows 7 box to create and admin your vm's which are running on this box. So there are a couple of caveats here:1. You need Hyper-V server 2008 (or 2008 R2) running on a true VT enabled server (IT'S FREE So download it.) 2. The RSAT tools on your Windows 7 box

You could also use Vmware Workstation to load the Hyper-v 2008 server as a proof of concept so you can see what it looks like.

I have Work Station 7 installed on Win7. When i try to install Win2008R2, I get a pop up that, VT is not enabled and here is the situation My Processor dont support VT. Can you suggest me how to proceed with this case

Yes. Is possible. I'll have to download and install this update Windows6.1-KB958830-x64-RefreshPkg.msu. When you finish to install, go to control pannel -> programs and features -> active and desactive system features. Then check Hyper-V tools. It
is all.

If your processor doesn't support the virtualization requirements of Hyper-V then you won't be able to install it on that system. You could try Virtual PC instead, its not as robust as Hyper-V but for some people its all they need.

If you really wanted to play around with Hyper-V from Windows 7, you will need to run or install VMware Player and give it whatever is available in your system, When done with the installation create the VMs from it. Remember this might slow down your
computer if you are not running Intel i5 or i7 or AMD Opteron 12 or 18-Core. I suggesting getting AMD 18-Core CPU. Hope this helps you.

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